How is open banking changing the payments landscape worldwide?

According to the Financial Times, 2018 was the year of the ‘silent revolution’ in the field of Open Banking Services. This pushed large banks to allow their clients to share their transaction data with other parties under new guidelines. Such measures will drive a wave of open data, putting $416 billion of revenue at stake.

Open Banking is not simply another business phrase, and if you don’t want to fall behind, you need to start learning about it today. Here is an introductory piece to help you hop on the journey of creating Open Banking solutions by explaining the new paradigm and its effect on the banking sector.

If you look at the digital payment trends the worldwide open banking industry will grow at a compound annual growth rate (CAGR) of 28.4%. The open banking sector rose from $11.79 billion in 2020 to $15.13 billion in 2021.

The reversal in growth trajectory is mostly due to enterprises stabilizing their output following the epidemic in 2020, when demand rose rapidly. At a CAGR of 25.7%, it is predicted that the market will reach $37.77 billion by 2025.

READ MORE : How is open banking changing the payments landscape worldwide?